Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net, consisted of the following:


(In thousands)	September 30, 2020		December 31, 2019
Land	$	125,240	$	125,240
Building and site improvements	926,666		880,662
Furniture and equipment	240,920		222,938
Construction in process	9,943		49,869
Property and equipment	1,302,769		1,278,709
Accumulated depreciation	(305,913)		(232,173)
Property and equipment, net	$	996,856	$	1,046,536

Depreciation expense for property and equipment, including finance leases, was $25.9 million and $77.7 million for the three and nine months ended September 30, 2020, and $23.9 million and $69.8 million for the three and nine months ended September 30, 2019, respectively.

The Company concluded that the impact of the current COVID-19 pandemic on its operations and financial results is an indicator that impairment may exist related to its long-lived assets. As a result, the Company revised its cash flow projections to reflect the current economic environment, including the uncertainty around the nature, timing and extent of elimination or change of the restrictions on its operations, and utilized such projections in performing an interim qualitative assessment of its property and equipment for potential impairment. Based on the results of such assessment, the Company concluded that there was no impairment of the Company’s long-lived assets as of September 30, 2020.

To the extent the Company becomes aware of new facts and circumstances arising from the COVID-19 pandemic that impact its operations, the Company will revise its cash flow projections accordingly, as its estimates of future cash flows are highly dependent upon certain assumptions, including, but not limited to, the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations and the extent and timing of the economic recovery globally, nationally, and specifically within the gaming industry. If such assumptions are not accurate, the Company may be required to record impairment charges in future periods, whether in connection with its regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.